Ord00 2192 - Laserfiche WebLink

Browse Search

Surety PERFORMANCE BOND Bond No. 929172889 KNOW ALL MEN BY THESE PRESENTS, That we, BFI Waste Systems of North America, Inc. 225 Shoreway Rd. San Carlos CA 94064 as Principal, and the National Fire Insurance Company of Hartford a CT corporation, as Surety, subject to the Conditions, Limitations and Exclusions of this Performance Bond, ara firmly bound unto City of Redwood City, California P. O. Box 391 Redwood City CA 94064 hereinafter referred to as the Obiigee, for such monetary amount as incurred by the Obligea, not to exc=cd rite penal sum of Two Million Two Hundred Fifty Six Thousand Dollars ($2~256~000.00 ), as may be required to remedy any contractual default by the Principal in the performance of that certain written contri~t between Principal and Obligea dated for Solid Waste Collection hereinafter referred to es the Contract; for the payment hereof, we bind ourselves, our heirs, executors, administrators and successors, joinUy and eavereily. CONDITIONS The obligation of this Performance Bond shall be null and void unless: (1) the above Conffsct is in wdtiug, and has been fully executed by both the Principal and the Obligea; (2) the Principal i$ actually in default under the above Contract, and is declared by the Obligea thereafter to be in default; (3) the Obligea has performed all of the obligations of the Obligea under the above Contract; and (4) the Obligea has provided written notice of the default to the Surety as promptly as possible, and in any event, within tan (10) days after such default. MMrFATION8 AND EXCLUSION8 The Surety, as the sole election and discretion of the Surety, may take any of the following actions: (1) With notice to the Obllgee, provide financial assistance ~ the Principal to remedy any contractual default by the Principal; or, (2) Undertake the completion of the above Contract by the Surety, through its agents or through independent contractors; or, (3) Determine the amount for which the Surety may be liable to the Obligea, and as soon as a practicable thereafter, tender payment thereof to the Obltgea; or, (4) Pay the full amount of the above penal sum in complete dl~',,harge and exoneration of this Performance Bond, and of all liabilities of the Surety relating thereto. If the Surety ~0 electa to act, all payments and expanditur~ by the Surety shall be applied against the above penal sum and in reduction of the limit of liability of the Surety.